090219 - Cimb - Cimb Trader

SINGAPORE

CIMB TRADERAM Retail Research Contact: Jonathan Ng – +65 6210-8650 – [email protected]

19 February 2009

Singapore Events

What’s Relevant Corporate news • OCBC’s 4Q08 core net profit of S$250m was below our expectations (S$385m) and below consensus (S$381m). We are not too negative on trading losses as the difference between OCBC and DBS might simply be a matter of adoption of new accounting rules. Key positive was a significant jump in margins, as higher lending spreads, lower deposit costs and favorable money market activities weighed in. Yesterday, Chief Executive Officer, David Conner, also mentioned that he will only consider staff retrenchment as a last resort. Maintain Underperform and cut target price to S$5.15 (from S$5.50). • Neptune Orient Line’s target price was raised to S$1.20 (from S$1.10) by a foreign brokerage house. We maintain Underperform with a target price of S$1.00. • ST Engineering’s target price was cut to S$2.33 (from S$2.50) by a foreign brokerage house. We maintain Underperform with a target price of S$2.38. • Hyflux’s target price was cut to S$2.50 (from S$3.00). Markets • U.S. markets see-sawed through Wednesday before ending mixed as the Obama administration’s US$275bn plan failed to curb worries about the worsening economy. The Dow managed to carve out a negligible gain of 3.3pts after being propped up by defensive stocks such as Wal-Mart. • Asian indices ended in a ‘red-green rojak’. The Hang Seng Index managed to rise 0.6% or 70.6pts despite HSBC weighing heavily on the index, as investors indulged in a round of shortcovering. The land of the cherry blossoms however was not as lucky as the Nikkei fell 1.5% or 111.1pts to close at its lowest since 27-Oct. The KLCI also lost 3.3pts to 895.2pts due to global economic worries. • Singapore shares bucked the trend by rising 13.1pts to 1,651.1pts as stocks became increasingly attractive as prices hovered near October-lows. However trading sentiment still remained morose with only 827m shares worth S$808m changing hands. We expect investors to do a bit of bargain hunting today though trading price range is likely to remain narrow.

Trades for the Day

► 19 February Venture – 4QFY08 results ► 20 February China XLX Fertilizer – 4QFY08 results ► 23 February Raffles Medical Group – 4QFY08 results January 2009 - CPI ► 24 February Rotary – 4QFY08 results Straits Trading – 4QFY08 results Sembcorp Marine – 4QFY08 results Del Monte – 4QFY08 results ► 25 February Aztech – 4QFY08 results CAO – 4QFY08 results CSE Global – 4QFY08 results

IPO news Japan Foods has lodged a preliminary offer document with the Singapore Exchange Securities Trading Limited (the "SGX-ST") acting as an agent on behalf of the Monetary Authority of Singapore (the "Authority"). A copy of the preliminary offer document can be accessed on the website of the SGX-ST at (http://www.sgxcatalist.com).

Fundamentally… • Asia-Pacific Strategic Investments (APSI SP; S$0.145 - SELL) – APSI reflected a net loss of S$1.8m for 2QFY09 as demand for pre-need burial niches continue to falter. Maintain our Sell recommendation but cut target price to S$0.11 (from S$0.14) based on 2x P/BV. • China Essence Group (CESS SP; S$0.215 – BUY) – A muted 3Q with unit sales being offset by ASP decline and margin erosion on higher raw material price. Reducing forecasts to factor in higher potato cost and lower margin. TP raised to S$0.34 as peer CY09 P/BV has moved up to 0.5x from 0.4x previously.

Technically… • Oversea-Chinese Banking Corp (OCBC SP; S$4.89 – SELL) – Breaking below the S$4.80 support level is bearing over the immediate term. • Meiban Group (MEI SP; S$0.145 – BUY) – The breakout could lift the stock towards the S$0.165-S$0.17 resistance next. • Venture Corp (VMS SP; S$4.00 – SELL) – A breakdown below S$4.00 would likely see the continuation of a longer term downtrend towards the S$3.60-3.65 levels next. STI Chart & Summary After yesterday’s breakdown of its 2-week trading range, the STI rebounded slightly to close at 1,651.1. We continue to see weakness ahead after the bearish breakdown. Minor support levels at 1,636 and 1,570 would be tested again soon. The index is likely to retest its Oct lows of 1,473 in the coming weeks. Technical indicators are supportive of our bearish view with the MACD and RSI hooking downwards again.

Selected Statistics Indices Straits Times Index FSTC ST China Index Dow Jones S&P 500 Index CSI 300 Index Hang Seng Index Crude Oil (US$/barrel) Gold Spot (US$/oz)

Level 1,651.06 170.77 7,555.63 788.42 2,275.84 13,016.00 34.70 981.33

% chg +0.8% +0.9% +0.0% -0.1% -4.6% +0.5% +0.2% -0.4%

Ytd % chg -6% -8% -14% -13% +25% -10% -22% +11%

Top volume GOLDEN AGRI-RESO CHINA HONGXING NOBLE GROUP LTD STRAITS ASIA RES UNITED FIBER SYS CAPITALAND LTD

Last price SGD 0.29 SGD 0.16 SGD 1.11 SGD 0.82 SGD 0.03 SGD 2.68

% chg +3.6% -3.0% +2.8% +2.5% +0.0% +22.1%

Vol (m) 60.5 44.5 30.4 26.5 25.5 23.1

Top gainers EASTGATE TECH JADE TECH HLDG CHINA YONGSHENG GLOBAL VOICE GRO DYNAMIC COLOURS ABTERRA LTD

Last price SGD 0.02 SGD 0.02 SGD 0.02 SGD 0.02 SGD 0.09 SGD 0.03

% chg +50.0% +50.0% +50.0% +33.3% +28.6% +25.0%

Vol (m) 0.2 3.9 0.1 10.4 0.0 11.4

Top losers JETS TECHNICS IN INNO-PAC HLDGS TUNG LOK RESTAUR LANTROVISION SIN AUSTON INTL GRP SUPERBOWL HLDG

Last price SGD 0.01 SGD 0.01 SGD 0.09 SGD 0.02 SGD 0.02 SGD 0.11

% chg -50.0% -33.3% -29.2% -25.0% -25.0% -24.1%

Vol (m) 0.2 0.1 0.0 0.1 0.3 0.0

Please read carefully the important disclosures at the end of this publication.

Trend Spotter

SINGAPORE

Retail Research Contact: Kong Seh Siang: +603-2084-9289 - [email protected]

Oversea-Chinese Banking Corp. (OCBC SP; S$4.89) – SELL FY09P/E: 10.5x, P/BV: 1.0x

• If it breaks below the S$4.80 support level, sentiment may turn bearish over the immediate term. Next support is much weaker at S$4.65, S$4.41 and S$3.90. • Technical indicators are showing signs of exhaustion. MACD has confirmed its dead cross and stayed negative while RSI is still flat. • Sell now ahead of the breakdown. Resistance is seen at S$5.15 and S$5.48 levels. Unless it can cut above these resistances to reverse the short-term bearish trend, any intermittent rebound may not be sustainable.

OCBC Bank offers a comprehensive range of banking services and financial solutions in consumer banking, business banking, international banking, global treasury and investment management. The OCBC Group has diverse subsidiaries that are involved in financial futures, regional stockbroking, trustee, nominee and custodian services, property development and hotel management.

Meiban Group (MEI SP; S$0.145) – BUY FY09P/E: 5.4x, P/BV: 0.4x

• The stock broke out of its consolidation triangle after taking out its resistance at S$0.14.

• Both indicators are still showing positive signs. • Aggressive investors could buy on weakness but put a stop below the S$0.12 level. The breakout could lift the stock towards the S$0.165-S$0.17 resistance next. Other investors should just stand aside for now.

Meiban produces injection moulded plastic products for multinational customers in the consumers electronics and computer sectors in the electronic industry, eg. plastic parts in audio, video and hi-fi equipment and personal computers, printers and computer keyboards.

Venture Corp (VMS SP; S$4.00) – SELL FY09P/E: 4.7x, P/BV: 0.6x

• The stock has broken out above its medium term trend line resistance. However, it is currently trading below the 30-day SMA at S$4.16. The next resistance is at S$4.70. • MACD is still marginally positive but RSI has hooked downwards. Mixed indicators suggest that it is still in consolidation. • After failing to close above its 30-day SMA after trying 3 times, suggest that the buying momentum is weak. There should have been a rally after the breakout of its medium term trend line but it appears that there is none forthcoming. A breakdown below S$4.00 would likely see the continuation of a longer term downtrend towards the S$3.60-S$3.65 levels next.

Venture offers high value-added and highly efficient manufacturing services to MNCs using state-of-the-art manufacturing process technology and test development capability. In addition, Venture provides an excellent range of premanufacturing services including design, prototyping and engineering services, as well as post-manufacturing services including after-sales repairs, customisation and fulfillment logistics.

19 February 2009

SINGAPORE

SGX Research Incentive Scheme Contact: Michelle Tan – +65 6210-8671 – [email protected]

19 February 2009

Asia-Pacific Strategic Investments 2QFY09 losses come as no surprise

Financial summary

• Staying in negative territory. 2QFY09 registered a net loss of S$1.8m, in line with our expectations. Gross margins fell to 55% in 2QFY09 from 77% a year ago as the Group had just completed major infrastructure works for its Semenyih Memorial Hills project. Likewise, gross margins also deteriorated from 77% to 61% h-o-h. Both operating margins and net margins plummeted into the ‘red’ as for 2QFY09 on the back of higher operating expenses. • New contributions mitigated top line ‘slide’. Revenue in 1HFY09 dropped by RM4.3m to RM11.4m as compared to RM15.7m in the prior corresponding period. However this was mitigated by new contributions to revenue from the sales of comlumbaria, the provision of funeral services along with the construction of tombs. Revenue from other bereavement care services also rose of RM52,000 in 1HFY08 to RM518,000 in 1HFY09.

FYE Jun Revenue (RM m) EBITDA (RM m) EBITDA margins (%) Pretax profit (RM m) Net profit (RM m) EPS (RM cts) EPS (S cts) EPS growth (%) P/E (x) Gross DPS (S cts) Dividend yield (%) P/NTA (x) ROE (%) Net cash per share (S$) Net cash (S$ m) P/CF (x) EV/EBITDA (x)

Key risk • Collectibility of trade receivables. A high amount of trade receivables which stood at RM27.5m as of 2QFY09 continues to highlight concerns over the collection of bad debt and future earnings recognition. Most of this still constitute old outstanding debt reported in 1QFY09. Total revenue as of 1HFY09 was RM11.4m.

Price @18/2/09: S$0.145 52-week range (SGD): 0.135– 0.32 Market cap – S$85.6m

APSI SP SELL; TP:S$0.11

2007 31.6 14.1 44.6% 13.2 7.9 1.6 0.7 N/A 21.1 0% 4.4 23.4% 0.01 3.3 neg. 13.8

2008 24.6 6.1 24.9% 6.0 4.1 0.8 0.3 -50% 44.3 0% 3.3 8.4% 0.01 5.2 neg. 31.8

2009F 25.1 (2.4) 9.6% (2.8) (2.8) (0.5) (0.2) -160% n.m. 0% 2.7 -4.3% 0.02 13.6 neg. (81.1)

2010F 28.8 (1.2) -4.0% (1.2) (1.2) (0.2) (0.1) -59% n.m. 0% 2.8 -1.6% 0.02 10.2 neg. (167.4)

2011F 31.7 0.4 1.3% 0.4 0.3 0.0 0.0 125% n.m. 0% 2.8 0.4% 0.01 8.1 neg. 465.8

Source: CIMB-GK Research, Company

Technical recommendation

What we like • Products have an indefinite shelf life. Due to the nature of APSI’s products (burial and columbaria niches), there is no risk of obsolescence and can be sold for a stable price indefinitely.

What we dislike • Low traction. The stock has been faced with a lack of trading interest which hinders any potential share price movement. • Control of operating expenses remains a worry. Higher general and administrative expenses caused the Group to dive under. These expenses were primarily attributed to the expansion of distribution channels in anticipation of increased retail sales. Staff and salary benefits were also relatively high at RM2.1m as APSI seeks to continually improve its management team.

Outlook looks bleak • Earnings prospects likely to remain difficult. The ailing economy and political unrest in Malaysia have had an adverse impact on all sectors in the country. Management expects to face trying conditions as demand for its pre-need segment (primary revenue generator) dwindles along with domestic consumer spending.

Recommendation – Maintain SELL • We maintain our earnings forecasts as we believe it has already factored in the decreased demand for pre-need burial plots and niches in Malaysia. • We maintain our SELL recommendation but cut target price to S$0.11 (from S$0.14) based on 2x P/BV, the industry peer average. This translates to 24.1% downside.

Source: Bloomberg

• •

• • •

Technical SELL Stock has been trading in a sideways trading band of S$0.18-0.26 since Aug-07 with occasional false breakouts. However, the stock fell below the range recently and has yet to climb back. So, this breakdown is bearish. Next downside target is S$0.12 and S$0.10. Technical indicators continue to portray weakness. Daily MACD is bearish while RSI is turning down. Continue to sell as the immediate term trend is down. Resistance is at S$0.18 and S$0.22.

SINGAPORE

SGX Research Incentive Scheme Contact: William Tng – +65 6210-8676 – [email protected]

19 February 2009

China Essence Group Ltd A muted third quarter Results summary FYE Mar (RMB)

3QFY09

3QFY08 330.3

yoy %

qoq %

chg

chg

6.8

62.9

9MFY09

9MFY08

yoy %

2QFY09

chg

Revenue

352.6

712.3

588.8

21.0

216.5

Gross profit

143.9

148.2

(2.9)

62.9

295.3

268.3

10.1

88.3

Pre tax profit

98.4

107.7

(8.7)

77.7

198.2

199.2

(0.5)

55.4

Net profit

81.2

100.8

(19.5)

81.2

161.3

174.7

(7.7)

44.8

Gross profit margin*

40.8

44.9

(4.1)

(0.0)

40.8

Pre tax profit margin*

27.9

32.6

(4.7)

2.3

25.6

Net profit margin*

23.0

30.5

(7.5)

2.3

20.7

EPS (RMB)**

0.2

0.3

(19.5)

81.6

NAV (RMB)**

Price @18/02/09: S$0.215 52-week range (SGD): 0.21 – 0.75 Market cap – S$84.3m

CESS SP BUY; TP: S$0.34

0.4

0.5

(8.7)

2.6

2.3

15.9

0.1

• Note that in line with our earlier reluctance to factor in potato protein and potato fibre sales, we continue to assume zero contribution to be conservative. We factor in capex associated with these new segments though as the Company is going ahead with the building of these plants. • There is some risk that China Essence could face challenges in selling the potato protein as this is a substitute product and users may need stronger persuasion to switch from the traditional products’ whose prices are not at risk of rising for the moment. • Maintain BUY with S$0.34 target price, pegged to the sector average P/BV of 0.5x. The sector was previously trading at 0.4x P/BV.

* margin changes in percentage points ** as reported by Company

Forecast & valuation

Results highlights

FYE Mar Revenue (RMB m) EBITDA (RMB m) EBITDA margins (%) Pretax profit (RMB m) Net profit (RMB m) EPS (RMB cts) EPS growth (%) P/E (x) FD EPS (RMB cts) FD P/E (x) Gross DPS (RMB cts) Dividend yield (%) P/NTA (x) ROE (%) Net gearing (%) Net cash per share (RMB cts) P/CF (x) EV/EBITDA (x) CIMB-GK/Consensus (x)

• 9M results were 71.4% of consensus and 69.8% of our full year forecast. • 3Q sales grew just 7% yoy as the key potato starch segment saw its 16.4% yoy volume growth being offset by a 7.4% yoy ASP decrease. • Overall gross margin fell by 4.1 percentage points as gross profit margins fell across all product segments on higher potato prices (70% of cost of goods sold). • On a positive note, operating expenses fell but higher interest expense due to more borrowings to fund capex and non-cash amortization of interest expense on its convertible bond and the expiry of tax benefits led to a 19% yoy decline in net profit.

2007 521.2 215.9 41.4 194.6 147.1 38.3 +9% 2.5 38.3 2.5 2.4 2.5 0.6 24.2 cash 64.15 2.3 3.0 -

2008 858.8 334.1 38.9 278.5 238.0 61.2 +60% 1.6 51.9 1.9 6.3 6.6 0.4 31.9 cash 41.12 1.4 2.0 -

2009F 968.3 385.2 39.8 244.4 197.5 50.4 -18% 1.9 43.0 2.2 5.0 5.2 0.4 20.3 25.3 net debt 1.3 1.7 1.31

2010F 1,000.8 422.1 42.2 254.8 201.3 51.3 +2% 1.9 43.9 2.2 5.1 5.3 0.3 17.5 21.4 net debt 1.2 1.6 1.37

2011F 1,259.1 513.7 40.8 319.4 252.3 64.3 +25% 1.5 55.0 1.7 6.4 6.7 0.3 18.6 13.3 net debt 0.9 1.3 1.04

Cautious outlook • China Essence does not appear to be immune from the effects of the global economic slowdown. The Company is reducing its ASP by RMB500 per tonne in January as its customers are reducing their prices to sustain demand. • Construction of its new potato starch plants have progressed satisfactorily. The Company commented that large-scale production of potato protein has commenced in late September 2008 but it appears that no sales have been recorded as yet. The potato fibre plant is likely to commence production in May 09. • No interim dividend was declared.

Recommendation – maintain BUY • China Essence’s margins have been declining as potato cost rose and customers are facing difficulty in accepting higher prices. 55.0

Peer valuation Peer valuation Mkt Cap (S$ mil) 159.1 285.0 Simple average Source: Bloomberg, CIMB-GK Research Company Celestial Nutrifoods Pine Agritech

CY09 P/BV (x) 0.45 0.61 0.53

Div Yield (%) 6.3 3.3 4.8

Technical SELL

Quarterly gross margin trend

(%)

50.0 45.0 40.0 35.0 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09

• We have adjusted our forecasts to factor in higher potato prices and ASP erosion. However, our target price is not much affected since we are valuing the Company on a P/BV basis.

• Broke below its medium term downtrend resistance but have yet to rally. Support is now at S$0.20. MACD and RSI are negative. • Break below S$0.20 could send the stock lower towards S$0.175 and possibly S$0.155. • Resistance is seen at S$0.235-0.25.

SINGAPORE

Insider Transactions Retail Research

19February 2009

Updated 14/02/09 Shareholding Stock

Transacted Date

Buy Enzer Corp Enzer Corp LMA Intl NV ASA Grp Hldgs Food Empire Hldgs Swing Media Tech Swing Media Tech Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp Auston Intl Grp Auston Intl Grp Saizen Reit Hiap Moh Corp Ezion Hldgs SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals SP Chemicals Advance SCT Auston Intl Grp Auston Intl Grp Auston Intl Grp Auston Intl Grp Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp SP Chemicals

05-Feb-09 Lim Keng Hock Jonathan 06-Feb-09 Tan Lee Peng 11-Feb-09 John Lim Kok Min 10-Feb-09 Poh Choo Bin 02-Feb-09 FMR LLC 09-Feb-09 Hui Yan Moon 06-Feb-09 Ip Ming Yan 11-Feb-09 Michael Wee Soon Lock 11-Feb-09 Ng Kah Lin 11-Feb-09 Greenseed Pte Ltd 04-Feb-09 Ng Kian Aik Paul 04-Feb-09 Ng Kian Aik Paul 02-Feb-09 UBS AG 09-Feb-09 Michael Wee Soon Lock 09-Feb-09 Larry Glenn Johnson 04-Feb-09 Asiawide Hldgs 04-Feb-09 Barrington Heights Ltd 04-Feb-09 Cumulus Enterprises Ltd 04-Feb-09 Independent Alliance Ventures 04-Feb-09 Lucas Sasmito 04-Feb-09 SP Chemicals Hldgs Ltd 04-Feb-09 Hendrik Sasmito 04-Feb-09 SP Chemicals Hldgs Ltd 06-Feb-09 Independent Alliance Ventures 06-Feb-09 Lucas Sasmito 06-Feb-09 SP Chemicals Hldgs 06-Feb-09 Hendrik Sasmito 06-Feb-09 Asiawide Hldgs 06-Feb-09 Barrington Heights Ltd 06-Feb-09 Cumulus Enterprises Ltd 10-Feb-09 Kang Hui Huat 04-Feb-09 Annie Lin 04-Feb-09 Atlas Realty Pte Ltd 04-Feb-09 Atlas Realty Pte Ltd 04-Feb-09 Annie Lin 05-Feb-09 Ng Kah Lin 05-Feb-09 Michael Wee Soon Lock 09-Feb-09 Greenseed Pte Ltd 05-Feb-09 Greenseed 04-Feb-09 Hendrik Sasmito

Sell Hiap Moh Corp Fortune Reit Mirach Energy Ltd Hiap Moh Corp Hiap Moh Corp Rickmers Maritime

09-Feb-09 10-Feb-09 11-Feb-09 09-Feb-09 09-Feb-09 09-Feb-09

Source: The Business Times ST: Shares transfer, IP: Investment purposes, PL: Placement

Buy/Sell/ No of Shs Conv ('000)

Substantial Shareholder/Director

Charles Yeo Lim Hwee Chiang FMR LLC Stephen Ng Kah Seen David Ng Kah Seat FMR LLC

* * * * *

* * * * * * * * * * * * * * * *

* * * * *

* *

*

Price Per Share $

% Before Change

% After Change

Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy

100 124 200 324 543 645 645 777 777 778 1000 1000 1045 1543 6000 8670 8670 8670 8670 8670 8670 8670 8670 11405 11405 11405 11405 11405 11405 11405 20000 39000 40000 40000 40000 47557 47557 56090 56861 308670

0.12 n.a 0.12 n.a n.a 0.05 n.a 0.4 n.a n.a n.a n.a n.a 0.4 n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a 0.73 n.a n.a n.a 0.07 n.a n.a n.a n.a n.a 0.4 n.a 0.4 n.a

16.72 6.03 0.27 4.87 5.95 0 54.83 92.7 92.7 3.67 0 0 5.79 90.26 0 94.61 94.61 94.61 94.61 94.61 94.61 94.61 94.61 96.19 96.19 96.19 96.19 96.19 96.19 96.19 0 1.74 0 0 1.74 13.09 14.77 0 0 94.61

16.8 6.13 0.3 5.02 6.05 0.07 54.9 93.94 93.94 4.91 0.21 0.21 6.02 92.7 0.93 96.19 96.19 96.19 96.19 96.19 96.19 96.19 96.19 98.27 98.27 98.27 98.27 98.27 98.27 98.27 6.35 9.96 8.22 8.22 9.96 88.57 90.26 89.03 90.26 96.19

Sell Sell Sell Sell Sell Sell

150 195 240 303 303 374

0.4 2.15 n.a 0.4 0.4 n.a

0.24 1.57 9.06 0.48 0.48 10.03

0 1.55 8.97 0 0 9.94

SINGAPORE

Insider Transactions Retail Research

19February 2009

Updated 14/02/09 Shareholding Stock

Transacted Date

Substantial Shareholder/Director

Spore Petroleum Fortune Reit Hiap Moh Corp Time Watch Invest Hiap Moh Corp Enzer Corp Keppel Land ARA Asset Mgt Fortune Reit Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp Hiap Moh Corp Jackspeed Corp Olam Intl Advance SCT Hiap Moh Corp

03-Feb-09 05-Feb-09 09-Feb-09 06-Feb-09 09-Feb-09 05-Feb-09 02-Feb-09 06-Feb-09 03-Feb-09 09-Feb-09 09-Feb-09 09-Feb-09 09-Feb-09 09-Feb-09 11-Feb-09 09-Feb-09 10-Feb-09 09-Feb-09

Koh Ban Heng Lim Hwee Chiang Ng Yek-Soon Joshua UOBAM Ng Kah Lin Tan Lee Peng Schroder Invest Mgt Grp Prudential Asset Mgt (S'pore) Lim Hwee Chiang Ng Kah Lin Sie Kam Shuat Joshua Ng Hock Hwa Gracefield Invest Pte Ltd Michael Wee Soon Lock Ang Kian Lee JPMorgan Chase & Co Terence Tea Yeok Kian Hiap Moh Hldgs

Others China Hongxing Soup Res Grp Soup Res Grp Soup Res Grp Soup Res Grp

06-Feb-09 02-Feb-09 02-Feb-09 02-Feb-09 02-Feb-09

Wasatch Advisors Inc Then Khek Koon Then Khek Koon Pang Cheng Jin Wong Chi Keong

Source: The Business Times ST: Shares transfer, IP: Investment purposes, PL: Placement

Buy/Sell/ No of Shs Conv ('000) * * *

* * * * * * * *

*

Price Per Share $

% Before Change

% After Change

Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell

375 445 604 754 1060 1180 2000 2107 2435 8243 8243 8243 8243 9304 9380 14399 20000 32130

n.a 2.15 n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a 0.4 0.09 n.a 0.07 n.a

0.17 1.62 0.96 7.15 1.68 7.02 5.12 11.09 1.92 13.09 13.09 13.09 13.09 14.77 4.48 6.75 11.79 51

0.1 1.57 0 6.95 0 6.03 4.84 10.73 1.62 0 0 0 0 0 0 5.91 5.45 0

IP SA SA SA SA

5664 11172 11458 21721 26061

n.a 0.01 0.01 n.a n.a

6.79 5.61 5.61 10.92 13.1

7 5.61 5.61 10.92 13.1

Corporate Actions

SINGAPORE

Retail Research 19 February 2009

February 2009 SUN

MON

TUE

WED

THU

FRI

SAT

1

2

3

4

5 Results: 4Q08 - Tuan Sing 3Q09 – SATS

6 Results: 3Q09 – CSC

7

8

9

10

11

12

13

14

Jan 09 Intl Reserves Results: 4Q08 Rickmers 3Q09 Macarthurcook REIT

Results: 4Q08 - NOL, StarHub, Capland 3Q09 - SIA

Results: 2Q09 – Tiong Woon, Ellipsiz, ASL Marine

Results: 4Q08 – Comfort 3Q09 – Yellow Pages 2Q09 – Eu Yan Sang 1Q09 - WBL

Dec 08 Retail Sales & Catering Trade Indices Results: 4Q08 – ChSports, DBS 3Q09 - FJ Ben, Tat Hong

15

16 Results 4Q08 – Map Tech, OKP

17 Jan 09 Merc Trade

18 4Q08 Ctrl Govt Debt Results 4Q08 – Meiban, OCBC

19 Results 4Q08 – Venture, ARA

20 4Q08 Wholesale Trade Results 4Q08 – MCL Land

22

23 Jan 09 CPI

24 Results: 4Q08 – Rotary, Straits Trading, Sembcorp Marine, Del Monte

25 Results: 4Q08 – Aztech, CAO. CSE

26 Jan 09 IIP Results: 4Q08 Armstrong, HTL, Petra, Hiap Hoe, LKT, Eastern Asia Tech, Sembcorp Ind

27 28 4Q08 GDP * 4Q08 BOP * 4Q08 Ave Mthly Earnings* 4Q08 Biz Receipts Jan 09 Ctrl Govt Ops Jan 09 Pdr&Intl Trade Px Results: 4Q08 - Broadway, Indofood, Yongnam

Source: Company, Bloomberg, SGX

21

* Not later than

March 2009 SUN

MON

TUE

WED

THU

FRI

SAT

2

3

4

5 Results: 4Q08 - Mandarin Oriental

7

8

9 Feb 09 Intl Reserves*

10

11

12

6 Results: 4Q08 - Jardine Matheson, Jardine Strategic 13 Feb 09 RSCTI 1Q09 results – China Flex

15

16

17

18

19

20

21

25

26

27

28

14

Feb 09 Merchandise Trade

22

23

24

Feb 09 CPI

29

Feb 09 IIP

30

31

Feb 09 PITPI

Feb 09 Cent Gov Debt Feb 09 CPI * Feb 09 External Debt *

Source: Company, Bloomberg, SGX

* Not later than

SINGAPORE

Important Dates Retail Research

19 February 2009

Ex Date 16-Feb-09 16-Feb-09 16-Feb-09 16-Feb-09 19-Feb-09 19-Feb-09 19-Feb-09 20-Feb-09 24-Feb-09 26-Feb-09 26-Feb-09 2-Mar-09 2-Mar-09 3-Mar-09 3-Mar-09 3-Mar-09 3-Mar-09 3-Mar-09 3-Mar-09 4-Mar-09 6-Mar-09 6-Mar-09 18-Mar-09 20-Mar-09 6-Apr-09 9-Apr-09 9-Apr-09 14-Apr-09 16-Apr-09 17-Apr-09 20-Apr-09 21-Apr-09 23-Apr-09 28-Apr-09 28-Apr-09 28-Apr-09 29-Apr-09 29-Apr-09 30-Apr-09 30-Apr-09 30-Apr-09 4-May-09 8-May-09 8-May-09 11-May-09

Company Particulars LIPPO-MAPLETREEINDORETAILTRUSTDIVIDEND : 011008-311208 SGD 0.003 STARPHARM$28000800RCPS5%090227DIVIDEND : SGD 0.03 ONE-TIER TAX STARPHARM$28000800RCPS5%090227ENTITLEMENT : REDEMPTION SGD 0.6 STARPHARM$28000800RCPS5%090227DIVIDEND : PRO-RATED SGD 0.0047319 ONE-TIER TAX BOARDROOM LIMITED DIVIDEND : SGD 0.01 INTERIM ONE-TIER TAX CAPITALAND LIMITED RIGHTS : OFFER OF 1 FOR 2 @ $1.3 RICKMERS MARITIME DIVIDEND : 011008-311208 USD 0.0225 TAX EXEMPT SUNWAY INTL HLDGS LTD DIVIDEND : HKD 0.005 FINAL MAVERIC LTD. DIVIDEND : SGD 0.058982 INTERIM ONE-TIER TAX SECOND CHANCE PROPERTIES LTD DIVIDEND : SGD 0.01 2ND INTERIM ONE-TIER TAX SILVERLAKE AXIS LTD DIVIDEND : USD 0.003 INTERIM ONE-TIER TAX KARIN TECHNOLOGY HLDGS LIMITED DIVIDEND : HKD 0.052 INTERIM UOB 5.05%NCPS 100 DIVIDEND : 150908 - 140309 5.05% PREFERENTIAL GRP LTD DIVIDEND : SGD 0.01 INTERIM ONE-TIER TAX LONGCHEER HOLDINGS LIMITED DIVIDEND : SGD 0.012 INTERIM PERTAMA HOLDINGS LIMITED DIVIDEND : SGD 0.003 SPECIAL ONE-TIER TAX PERTAMA HOLDINGS LIMITED DIVIDEND : SGD 0.005 INTERIM ONE-TIER TAX TAI SIN ELECTRIC LIMITED DIVIDEND : SGD 0.005 INTERIM ONE-TIER TAX TRANSVIEW HOLDINGS LIMITED DIVIDEND : SGD 0.003 1ST & FINAL ONE-TIER TAX CAPITAMALL TRUST RIGHTS : OFFER OF 9 FOR 10 @ $0.82 CAPITARETAIL CHINA TRUST DIVIDEND : SGD 0.0358 CAPITARETAIL CHINA TRUST DIVIDEND : SGD 0.007 TAX EXEMPT AVI-TECH ELECTRONICS LIMITED DIVIDEND : SGD 0.005 INTERIM ONE-TIER TAX QIAN HU CORPORATION LIMITED DIVIDEND : SGD 0.002 1ST & FINAL ONE-TIER TAX KIAN ANN ENGINEERING LTD DIVIDEND : SGD 0.002 INTERIM ONE-TIER TAX CEI CONTRACT MANUFACTURING LTDDIVIDEND : SGD 0.00166 2ND & FINAL ONE-TIER TAX CEI CONTRACT MANUFACTURING LTDDIVIDEND : SGD 0.00232 SPECIAL ONE-TIER TAX DBS GROUP HOLDINGS LTD DIVIDEND : SGD 0.14 FINAL ONE-TIER TAX FRAGRANCE GROUP LIMITED DIVIDEND : SGD 0.006 FINAL ONE-TIER TAX NEPTUNE ORIENT LINES LIMITED DIVIDEND : SGD 0.04 FINAL ONE-TIER TAX UNITED INTL SECURITIES LTD DIVIDEND : SGD 0.0115 1ST & FINAL ONE-TIER TAX BH GLOBAL MARINE LIMITED DIVIDEND : SGD 0.012 1ST & FINAL ONE-TIER TAX KEPPEL TELE & TRAN DIVIDEND : SGD 0.03 1ST & FINAL ONE-TIER TAX KEPCORP MBL ICW090703 DIVIDEND : SGD 0.014 FINAL ONE-TIER TAX KEPCORP MBL ICW091002 DIVIDEND : SGD 0.017 FINAL ONE-TIER TAX KEPPEL CORPORATION LIMITED DIVIDEND : SGD 0.21 FINAL ONE-TIER TAX NERATELECOMMUNICATIONS LTD DIVIDEND : SGD 0.03 FINAL ONE-TIER TAX SINGAPORE LAND LIMITED DIVIDEND : SGD 0.2 1ST & FINAL ONE-TIER TAX SBS TRANSIT LTD DIVIDEND : SGD 0.036 FINAL ONE-TIER TAX SINGAPORE PETROLEUM CO LTD DIVIDEND : SGD 0.08 FINAL ONE-TIER TAX VICOM LTD DIVIDEND : SGD 0.0425 FINAL ONE-TIER TAX COMFORTDELGRO CORPORATION LT DIVIDEND : SGD 0.024 FINAL ONE-TIER TAX HWA HONG CORPORATION LIMITED DIVIDEND : SGD 0.0125 FINAL ONE-TIER TAX UNITED INDUSTRIAL CORP LTD DIVIDEND : SGD 0.03 1ST & FINAL ONE-TIER TAX TOTAL ACCESS COMM PUB CO LTD DIVIDEND : THB 1.5 LESS 10% TAX

Source: SGX - Corporate Actions By Ex-Date

Rec. Date 18-Feb-09 18-Feb-09 18-Feb-09 18-Feb-09 23-Feb-09 23-Feb-09 23-Feb-09 24-Feb-09 26-Feb-09 2-Mar-09 2-Mar-09 4-Mar-09 4-Mar-09 5-Mar-09 5-Mar-09 5-Mar-09 5-Mar-09 5-Mar-09 5-Mar-09 6-Mar-09 10-Mar-09 10-Mar-09 20-Mar-09 24-Mar-09 8-Apr-09 14-Apr-09 14-Apr-09 16-Apr-09 20-Apr-09 21-Apr-09 22-Apr-09 23-Apr-09 27-Apr-09 30-Apr-09 30-Apr-09 30-Apr-09 4-May-09 4-May-09 5-May-09 5-May-09 5-May-09 6-May-09 12-May-09 12-May-09 13-May-09

Paid/Payable 27-Feb-09 27-Feb-09 27-Feb-09 27-Feb-09 5-Mar-09 5-Mar-09 10-Mar-09 16-Mar-09 20-Mar-09 18-Mar-09 16-Mar-09 18-Mar-09 18-Mar-09 20-Mar-09 20-Mar-09 18-Mar-09 27-Mar-09 25-Mar-09 25-Mar-09 31-Mar-09 6-Apr-09 30-Apr-09 24-Apr-09 24-Apr-09 29-Apr-09 29-Apr-09 5-May-09 5-May-09 7-May-09 11-May-09 19-May-09 19-May-09 12-May-09 15-May-09 20-May-09 15-May-09 18-May-09 15-May-09 18-May-09 22-May-09 25-May-09 25-May-09

9

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RETAIL RESEARCH RECOMMENDATION FRAMEWORK STOCK RECOMMENDATIONS

SECTOR RECOMMENDATIONS

BUY: The stock's total return is expected to be +15% or better over the next three months.

OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of +15% or better over the next three months.

HOLD: The stock's total return is expected to range between +15% and -15% over the next three months.

NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) an equal number of stocks that are expected to have total returns of +15% (or better) or 15% (or worse), or (ii) stocks that are predominantly expected to have total returns that will range from +15% to -15%; both over the next three months.

SELL: The stock's total return is expected to be -15% or worse over the next three months.

UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of -15% or worse over the next three months.

CIMB-GK Research Pte Ltd (Co. Reg. No. 198701620M)